Galiano Gold: The Recovery Story Gets Messier, But Not Broken

Galiano Gold remains a buy, but Q1 2026 exposed higher AISC and Ghana royalty headwinds, weakening the thesis. Q1 production fell sequentially, but was up 68% YoY; financials stayed robust with $46.7M operating cash flow and no debt. GAU raised FY 2026 AISC guidance to $2300-2600/oz reflects royalty changes and cost pressure, dampening upside leverage to gold prices.